BackTraders to meet on Friday to discuss GST issues
The Confederation of All India Traders has convened a day long conference of prominent trade leaders belonging to different states to discuss GST effects
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New Delhi: Trade leaders from various states are meeting in New Delhi on Friday to take stock of the situation post implementation of the goods and services (GST) and chalk out future working plan.
The Confederation of All India Traders (CAIT) has convened a day long conference of prominent trade leaders belonging to different states. The conference will have extensive rounds of discussions on the effects of the GST and its implications on the trading community, roadblocks and challenges and access to technology.
Traders will also formulate a working plan for the next six months for rolling out a national campaign on the GST. Besides, to encourage more people to adopt digital technology, CAIT has suggested to the government to either exempt the accounting software from the GST for some specified period or bring the same under a lower tax slab.
Currently, the accounting software is placed under 18% tax rate. Feedback received by CAIT from different parts of the country has revealed that during the last five days of the roll out of GST, the demand for computer hardware has increased 2% while at the same time, the demand for accounting software has also increased up to 50% in comparison to the last month.
About 40% of this demand comes from metro and big cities whereas the remaining 60% is from small towns. The CAIT has maintained that nearly 60% of small businesses in the country particularly in tier 2 and tier 3 cities are yet to computerise their existing business format whereas GST is entirely based on e-compliance having four verticals: e-tax, e-return, e-audit & e-assessment.
Whether paying tax, or filing return, everything has to be routed through digital technology under GST, hence there is already a persistent demand for computer systems and accounting software in the market.
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